![]() Propy itself also sold TechCrunch founder Michael Arrington’s apartment in Kiev, Ukraine last year for 96 Ether, about $93,000 at the time. Red Swan CRE Marketplace, lets U.S.-based investors become fractional owners of commercial properties via digital tokens recorded on the blockchain. Other companies have experimented with combining crypto and real estate investments before. Propy charged the seller a flat fee for its services. ![]() The seller was Leslie Alessandra, the founder of a Tampa area–based blockchain company. Karayaneva declined to identify the buyer. After the auction winner was determined, ownership of the LLC was automatically transferred to the winner and the seller received the crypto payment in her digital wallet. The first step involved transferring ownership of the house from the seller to a limited liability company. The use of an NFT in the sale meant that the process involved was hardly ordinary. But in the end, there were only two bidders, each of whom had to have cryptocurrency worth at least $650,000 -the starting price-in a digital wallet. ![]() The price was 210 Ether, the equivalent of $653,000 at the time of the sale, according to Propy.Ībout 50 people went through the process of verifying their identities online for the auction. “We truly feel that we made history, both for the real estate industry and for the crypto community,” said Natalia Karayaneva, the CEO and founder of Propy, which managed the online auction and transaction. ![]()
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